We’re here: on Monday, oil closed at $111.75. Tuesday, it closed at $113.30. Today, it closed at $114.93.
The last trading day for the funds will be June 25, reports Matthew Hougan for Index Universe. On June 30, shareholders of record will receive payouts based on the fund’s net asset value (NAV). If the price of oil reaches or surpasses $120 a barrel by then, holders of UCR would get $40 per share (each share is valued at one-third the price of a barrel of oil) and holders of DCR wouldn’t receive anything.
Oil briefly topped a record $115 after supply concerns arose, reports John Wilen for the Associated Press. Gas inventories fell by 5.5 million barrels last week, according to the Energy Department’s Energy Information Administration, and it was a bigger drop than analysts had been expecting. Crude oil inventories also fell last week by 2.3 million barrels, instead of the increase that had been expected.